Summit Therapeutics (NASDAQ: SMMT), a Miami, FL-based biopharmaceutical oncology company, raised $200M in funding.
The company received and accepted an unsolicited offer from an institutional investor to purchase 22,222,222 shares of its common stock at $9.00 per share, a premium to the closing price on Friday, May, 31, 2024.
The company intends to use the funds to advance the clinical development of ivonescimab, and for working capital and general corporate purposes.
Summit Therapeutics is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
The company has additional offices in Menlo Park, CA, and Oxford, UK.
In a separate transaction, Summit expanded license territories for Ivonescimab in deal with Akeso to include Latin America, Middle East, and Africa.
FinSMEs
03/06/2024